Australia markets closed

Yahoo Finance's morning wrap for Thursday

You can be jailed for lying on your home loan. Image: Getty

Good morning.

ASX to rally:  The Australian stock market is expected to soar more than one per cent this morning following a huge night for overseas markets. The SPI200 futures contract was up 73 points at 0700AEDT on Thursday. 

The Dow Jones Industrial Average had jumped by nearly 1,000 points at time of writing. 

Bloomberg out: Michael Bloomberg has dropped out of the 2020 presidential race, days after Pete Buttigieg also declared his own campaign untenable. Bloomberg had poured more than half a billion dollars into his huge campaign, including spending for a serious social media spree, but stepped down on Wednesday. 

He pledged support for Joe Biden. 

Stimulus package: Treasurer Josh Frydenberg has teased more details of the multi-billion dollar stimulus package intended to offset the negative economic effects of coronavirus. The package will include funding for small- and medium-sized businesses in the education and tourism sectors and more support for self-funded retirees. 

"It will be worth billions in the terms of impact it will have," he told Sky News Agenda. “The package of measures will be responsible and will be scalable."

Stay home! Twitter has asked its 5,000 employees around the world to stay home during the coronavirus outbreak, but it’s not the only company with an Australian presence telling staff to stay away from the office

Home loans: While near four-in-10 home loan candidates have admitted to lying on their home loan application, the penalties if you get caught can be heavy and even include jail time. 

Interest rate cut: The RBA cut the official cash rate on Tuesday, but according to former federal treasurer Peter Costello there’s more that needs to be done. He said the government needs to figure out how to boost productivity and create a more efficient tax system

GDP figures out: The ABS on Wednesday announced the GDP figure for the December 2019 quarter, and it defied expectations.

Have a great day!

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